Check up: What’s happening with ASX small cap health stocks? They’re up 11 pc this year
Health & Biotech
Health & Biotech
Link copied to
Here’s our fortnightly wrap of all the news driving ASX small cap health stocks.
As the financial year draws to a close, Stockhead reflects on the winners of the ASX small cap health sector in the year thus far.
This year the sector is up over 11 per cent and the top three performers are an app company with a Morrison government cash injection, a cannabis play and this year’s second best performing IPO. They’re all up over 300 per cent.
PainChek (ASX: PCK) has made the greatest gains of all health small caps having soared since the Morrison government announced a $5m investment.
PainChek’s technology uses facial recognition to assess pain in patients who are unable to communicate with their carers.
Since receiving the government funding, the company has continued to roll out its platform.
The most recent news was a $4.2m placement, announced last month. PainChek is under annual contract to over 80 facilities with over 30,000 assessments conducted over the last 18 months.
Taking the silver medal is pot stock Althea Health Group (ASX: AGH), which has had a busy year.
Earlier this month the company announced it had made moves in the UK market. It’s products were prescribed for the first time and Althea was chosen to supply the first UK National Medical Cannabis Pilot.
The program wants to enrol 20,000 patients by the end of 2021. Amibitious? Maybe. But after reaching 300 patients earlier this year they reached the 1,000 patient milestone only two weeks ago.
Winning the bronze medal was a late entrant, having listed in April – anti bacteria biotech Next Science (ASX: NXS). The company listed at $1 and is now over $4.
Next in line was Orthocell (ASX: OCC), which rose 377 per cent in just one day after a successful Phase III trial of its CelGro technology that targets damaged nerves. Patients reported an 83 per cent improvement in muscle power.
It is nowhere near an ASX record for one day gains though. In fact, even as a record for 2019 it was superceded this week by Hylea Metals (ASX: HCO). Hylea rose 430 per cent on Monday morning after announcing it was buying a uranium mine.
Althea also took out a top three place among the best performing stocks in the last two weeks. The news earlier this week sent it up 49 per cent.
The top gainer was another pot stock, Botanix Pharmaceuticals (ASX: BOT). It turns out Next Science isn’t the only bug killer – Botanix’s skin cream (Cannabidiol) does too.
The third best performer, 1st Group (ASX: 1ST), had no company news but a couple of substantial holders, Focus Asset Management and John Plummer, topped up their holdings.
The company is a medical software producer and while things were quiet this month, in May it raised $2.6m and began a trial with St Vincent’s Health.
Among the other notable gainers this fortnight was Actinogen Medical (ASX: ACW), which is up 10 per cent.
While the company’s signature drug failed its clinical trial, the company is looking for other opportunities.
The only ASX small cap domiciled in Ireland, Oneview Healthcare (ASX: ONE) has lost 58 per cent this year, but climbed 19 per cent in the last fortnight despite no news out of the company.